Policy period: Policy is issued for 1 year and this policy requires renewal at the end of policy period for continuous coverage. (policybazaar.com)
Your annual payroll at the beginning of the policy period is divided by 100, and then multiplied by the base rate for your class code. (trustedchoice.com)
It is the sum insured and is fixed at the commencement of the policy period for each insured vehicle. (policybazaar.com)